Cardiff council this morning launched a consultation on its vision for growing the capital’s economy over the next 30 years.

Councillor Russell Goodway, cabinet member for the local economy, told business leaders that private sector money was needed to deliver the next phase of key infrastructure projects.

As revealed by WalesOnline yesterday , these include a new tram system connecting Cathays Park with the bay and a convention centre and indoor arena, possibly at the County Hall site.

Speaking at the launch of the authority’s Rebuilding Momentum green paper at City Hall, Coun Goodway said he was asking questions about the city’s future, rather than providing the answers.

“It’s about achievability. It’s all well and good for politicians to have good ideas, but those ideas have to be cemented in the real world,” he said.

Coun Goodway said the city had a “duty” to be ambitious for future generations, but the public sector didn’t have the money to fund the schemes.

“The problem is that just like in 1974 and 1993, the council comes to you with no money, full of ideas, but no money. What we have got to do is persuade you guys to spend your money delivering our agenda,” he said.

“You are speaking to a local authority that understands the need for you to make profits and have a return on your investment. We don’t expect you to do this because you love the city – I need businesses that make a profit in this city, I don’t need businesses that make a loss.”

The masterplan sets out a vision for how the city centre could expand south towards the bay, with the convention centre and indoor arena being a catalyst for regeneration.

The priority, Coun Goodway said, was for the Welsh Government to start work on a long sought-after public transport link between the city centre and bay, which he described as a “non-stop tram”.

“One of the first things we should be doing in terms of making this a reality is making that link from the bay to Cathays Park – and I don’t mean an express bus,” he said.

“When people get into Cardiff and get on to that tram, or whatever it might be, it needs to be a non-stop journey. I hope that the Welsh Government starts to say how it is going to roll out this project. It has got to be more than a new platform – it has got to be a big statement.”

Meanwhile, Coun Goodway also confirmed the council had withdrawn from bidding for an acre of prime land next located next to Cardiff Central station.

WalesOnline revealed earlier this week that the council had submitted an offer for the site. Coun Goodway said public knowledge of the council’s interest had forced the asking price up.

It’s understood a local development company is now the front-runner to purchase the land, which was previously proposed for a £32m, 50-storey tower.